Arbitration is like copyright or the EULA. It's a legal tool that is useful and important, but like such tools it has been abused. The real danger is that when a EULA contains an arbitration agreement, the danger of abuse grows exponentially.
Contract law in the U.S. has a defense to this, namely a doctrine where any contract that is so manifestly unjust so as to shock the conscience will not be enforced. The problem is that like all tech law, case law is all over the place.
The piece ends with suggestions on how to use the great power of Arbitration clauses and EULAS with great responsibly. I even included an "ethical arbitration agreement" in the EULA.